Westaim Corp (TSE:WED) has released an update.
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Westaim Corp reported a significant increase in annual net profit for 2023, reaching $183.9 million, up from $18.0 million in 2022, with a Q4 profit of $35.1 million. Shareholder equity stood at $518.3 million at year-end, and the company successfully participated in lucrative secondary offerings of Skyward Specialty Insurance Group shares, garnering net proceeds of approximately $192.3 million for the year. Despite these gains, Westaim experienced a slight net loss from its Arena FINCOs investments, contrasting with positive earnings in other areas.
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